BENGALURU: IT solutions company Happiest Minds has posted 8.1% sequential growth in its first quarter net profit at Rs 56.34 crore. It also increased its revenue guidance for FY23 to 25%, and targets to grow at a CAGR of 25% over the next five years.
Joseph Anantharaju, Executive Vice Chairman & CEO – Product Engineering Services (PES), Happiest Minds Technologies, told TNIE that the demand environment continues to remain strong with customers sustaining spending, especially on digital initiatives.
“Most customers realise that they need to digitalise their business to remain competitive and see digital not as a discretionary spend but as an imperative. We do see customers prioritising between projects to take up those with immediate impact while pushing out others to the latter part of the year,” Anantharaju said.
Customers are also exploring ways to consolidate applications and infrastructure and leverage existing technology assets to optimise on spend, he added.
Its trailing 12 months attrition stood at 24.4%. In the current market environment, both hiring and retaining talent is one of the main challenges, the executive vice chairman said. Many IT companies are now focusing on emerging technologies such as Metaverse and Web 3.0, and Happiest Minds too is focusing on these new technologies. It has helped customers in leveraging the power of IoT, Robotics and AR/VR.
“We have already built several use cases cutting across industry verticals, and also have a couple of customers with whom we are doing implementations,” Anantharaju said. The company is also investing in expanding its delivery capabilities to meet the market demand.